IGM Biosciences (NASDAQ:IGMS) Lowered to “Underweight” Rating by Morgan Stanley

IGM Biosciences (NASDAQ:IGMS) was downgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Friday, Marketbeat reports. They currently have a $2.00 target price on the stock, down from their previous target price of $12.00. Morgan Stanley’s price target would indicate a potential downside of 4.31% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Wedbush dropped their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Royal Bank of Canada cut IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $20.00 to $1.50 in a research note on Friday. Stifel Nicolaus cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price target for the stock from $27.00 to $2.50 in a research report on Friday. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Stock Performance

Shares of IGMS stock opened at $2.09 on Friday. IGM Biosciences has a 1 year low of $1.87 and a 1 year high of $22.50. The firm has a market capitalization of $124.28 million, a PE ratio of -0.57 and a beta of 0.11. The stock has a fifty day moving average of $8.94 and a two-hundred day moving average of $10.92.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The company had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. Equities research analysts predict that IGM Biosciences will post -3.33 earnings per share for the current fiscal year.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently made changes to their positions in IGMS. Geode Capital Management LLC grew its holdings in shares of IGM Biosciences by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after acquiring an additional 28,118 shares in the last quarter. State Street Corp boosted its position in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after purchasing an additional 12,174 shares during the last quarter. AQR Capital Management LLC purchased a new position in IGM Biosciences in the second quarter valued at about $84,000. Marshall Wace LLP increased its position in IGM Biosciences by 51.6% in the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock worth $356,000 after purchasing an additional 7,027 shares in the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.